Short Summary

The heads of the six leading non-Communist industrial nations have taken action to ensure a more stable money system.

Description

The heads of the six leading non-Communist industrial nations have taken action to ensure a more stable money system.

The agreement to attempt to control wild swings in currency values was contained in a 15 point declaration issued by the leaders of the United States, France, Britain, Italy, West Germany and Japan after three days of talks at Chateau Rambouillet near the French capital, Paris, on Monday (17 November).

French President Valery Giscard d'Estaing was in a particularly jubilant mood. He spoke of "the spirit of Rambouillet - a spirit of co-operation and international responsibility to ensure that the world economy will recover the lasting stability and growth that is necessary for the well being of all the peoples of the world".

Part of the French President's statement in French is on film. A partial translation appears overleaf.

During the meeting France and the United States signed a document resolving their dispute on currency exchange. The terms were kept secret but informed sources believe the agreement clearly establishes some kind of compromise between France's desire for more stable exchange rates and the United States' preference for "free floating".

The six leaders set as their most urgent task the recovery of their economics and a reduction in the total of 12 million unemployed in their countries.

President Gerald Ford of the United States also made a statement at the end of the meeting. He said there had been "substantial agreement on a number off issue". Part of his statement appears on film. A transcript follows :